HAMBURG: Leading South Korean feed maker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 138,000 metric tons of animal feed corn to be sourced from optional origins, European traders said on Friday.
The deadline for submission of price offers in the tender is also Friday, July 28. Arrival of the corn in South Korea is sought in two consignments of 45,000 to 69,000 tons. The first corn consignment in NOFI’s tender is sought for arrival in South Korea around Dec. 1.
If sourced from the U.S. Pacific Northwest coast, shipment of the first consignment is between Oct. 28-Nov. 16, if from the U.S. Gulf between Oct. 8-Oct. 27, from South America between Oct. 3-Oct. 22 or from South Africa between Oct. 13-Nov. 1.
The second corn consignment is sought for arrival in South Korea around Dec. 7. If sourced from the U.S. Pacific Northwest coast, shipment is between Nov. 3-Nov. 22, from the U.S. Gulf between Oct. 14-Nov. 2, from South America between Oct. 9-Oct. 28 or from South Africa between Oct. 19-Nov. 7.
Offers were sought both in outright prices per tonne c&f and at a premium over the Chicago December corn contract, traders said.
Asian corn buying has been unusually quiet in the past two weeks after prices rose after Russia withdrew from the deal allowing safe shipment of Ukrainian grain, traders said. But falling prices in past days are generating more purchase interest, traders said.
Chicago Board of Trade corn futures fell for a third consecutive session on Thursday, amid signs that the hot weather in the U.S. Midwest this week could be short-lived and after Russian President Vladimir Putin on Thursday told African leaders he would gift them tens of thousands of tons of grain despite Western sanctions.
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